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Stock Alert: Futu Holdings Up 7% After Q1 Profit Jumps

Shares of Futu Holdings Limited, an online brokerage and wealth management platform in China, are rising more than 7 percent or $0.92 in Thursday's morning trade at $13.20 after reporting a surge in profit for the first quarter from last year. The stock has traded in a range of $8.16 to $14.20 in the past 52 weeks.

Thursday, Futu Holdings said its first-quarter net income more than tripled to HK$154.9 million, or $20.0 million, from HK$45.5 million in the year-ago period. Net income per ADS was HK$1.22, or $0.16, up from HK$0.29 in the prior-year quarter.

Adjusted net income also more than tripled to HK$160.6 million, or $20.7 million, from HK$49.3 million in the year-ago quarter. Total revenues for the quarter surged to HK$490.6 million or $63.3 million, from HK$236.4 million a year ago.

Futu said it added 40,154 paying clients on a net basis in the quarter, bringing its total number of paying clients to 239 thousand, up 60 percent year-over-year. The company noted that this is its highest paying client growth rate since the first quarter of 2019. Hong Kong paying clients again achieved a significant growth rate of 97 percent year-over-year.

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